Ahead of the official announcements, Kotaku is reporting potentially leaked details of the eighth generation follow-up, which is expected to launch in time for the holidays this year. The site writes:

Our source—the same reliable source who back in early 2012 told us the codename for Sony's next console and the codename for Microsoft's next console—tells us that there are two models planned for the new machine, and that pricing won't be announced until later this year, possibly around E3. The current plan, our source says, is to release them at $429 and $529, but that could change.

Those prices would be significantly cheaper than the PS3, which launched starting at $499 USD for a 20 GB console.

The console will reportedly get a new controller with a smaller touchpad in the center, and possibly a special button on the controller to share content. The source also indicates that you'll be able to use your tablet or smartphone as a remote control/controller for the console. And you'll be able to run client apps on popular tablets/smartphones to schedule games to download or to chat with your PlayStation Network buddies.

The supposed "leaked" PS4 controller [Image Source: Kotaku]

The new PlayStation will locally network via Vita, and will feature a new service called PlayStation Eye (not to be confused with the Eye Toy) which allows you to watch streams of your friends' playing games (if they allow it). PlayStation Plus will be replaced by PlayStation World; most of the networked services will be only available via this premium option (Microsoft is going a similar route with Xbox Live).

Where is the Wii U $429? I got a delux off the shelf of a store a week after launch for its suggested MSRP of $350. Which is about $80 cheaper.

The price of the Wii U isn't holding it up. The lack of quality games it. Aside from New Super Mario there is nothing worth playing that isn't a rehash or something I can get cheaper on sale for other systems or the PC. The other flaws are the horrid patch times and long load times of much of the software. Nintendo should have had more titles ready for launch and more on the way. Right now all we have is promises of more mario and more zelda. No dates and what if the player dosn't like mario or zelda games? I get a real impression that third party devs weren't given a development console far enough in advance.